Tips for at risk Homeowners Don’t wait until you fall behind to seek help. Acting quickly may help you keep your home and the money you have already invested into it. Repayment Plan. If you can’t afford reinstatement, but can start making payments to catch up, the lender may let you pay an additional amount each month until you are caught up. Loan Modification. Your lender may agree to amend your mortgage.
The options include:
» Adding all the missed payments to the loan amount & increasing the monthly payment to cover the larger loan.
» Giving you more years to pay off the loan, lowering the interest rate, and/or forgiving part of the loan, to lower your monthly payment.
» Switching from an adjustable rate mortgage to a fixed rate mortgage, so you aren’t exposed to increases in your monthly payment.
» Requiring amounts for taxes and insurance to be included with your monthly mortgage payment so you avoid big bills in addition to your mortgage.